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As part of the expansion into the renewable energy market, Lockheed Martin Co. has set aside $10 million for investment in energy technologies developed outside the company, Dow Jones reports (via CNNMoney.com)

Through the company’s Information Technology business division, it runs an energy efficiency services business, which was acquired with the purchase of Aspen Corp. in 2006. When Lockheed Martin made the acquisition, it was a $10 million business, but energy efficiency services now bring in nearly $100 million in revenue.

Although the company’s revenue from its renewable portfolio is easily dwarfed by the $11.6 billion it saw in 2008 sales for electronic systems, Lockheed Martin executives say a new multi-billion dollar market is hard to ignore.

The company also sees opportunities in biofuels and ocean powers. In January, the company and Ocean Power Technologies Inc. signed a letter of intent to partner on the development of a utility-scale wave-power generation project in North America.

In February, the company bought 147,000 megawatt hours of renewable energy certificates.

Last summer, the company was tapped by AmerenUE to spearhead efficiency programs.